REDC Weekend Auctions Generated $55M

Auction company Real Estate Disposition LLC (REDC) generated $55 million over the weekend, with a pair of auctions in New York and Las Vegas-Reno, as well as a national online auction.

The weekend auctions boost REDC's 2009 total sales to more than $2 billion.

‘We're very pleased with the results from the weekend's auctions,’ says REDC CEO Jeff Frieden. ‘Many first-time homeowners and investors walked away with incredible bargains. Many people had winning bids on properties that were more than 50% less than the house's previous high value."

The national online auction resulted in $33.6 million sales, while the Nevada auction saw 49 of 56 properties sold for a total of $5 million. The Solaria Riverdale, N.Y., auction, which REDC says was the first luxury high-rise resident auction in the city's history, generated 21 contracts with over $17 million in proceeds.

SOURCE: Real Estate Disposition LLC

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